To set pay standards, HRM employs _________.

Question

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HRM employs compensation administration techniques to set pay standards for employees. This involves analyzing internal and external pay structures, defining job classifications, and determining pay ranges for each position within the organization. The process also involves creating compensation packages that align with an organization's goals and are competitive with industry standards. While HRM may seek outside advice from consultants, the responsibility for setting pay standards ultimately falls on the HR department. A national pay scale or panel of an employee's peers are not typically used in the compensation administration process.

To Set Pay Standards, HRM Employs _________